DeFi, Yield Farming and Merlin — The Future of Crypto
Decentralized Finance is one of the hottest topics in the cryptocurrency market right now. That’s not surprising seeing that within the space of three years, DeFi has gone from having less than $60 million locked in the ecosystem to nearly $70 billion at the time of writing this article.
What is DeFi?
DeFi takes products and services from traditional finance and decentralizes them by replacing the middlemen with smart contracts. These smart contracts can be programmed to receive and redistribute digital assets, they can also be programmed with a custom rule criteria and transactions made are recorded on a public blockchain. This means that the ownership of the assets cannot be disputed. Decentralized finance takes components of traditional finance and decentralizes them by removing middlemen and replacing them with smart contracts. A straightforward example of this is decentralizing loans and earning interest.
What Are People Doing In DeFi?
Today, the most common uses of DeFi are: Borrowing money & Supply money to earn interest.
However, the key thing here is that this all takes place outside of the traditional banking system. That means no KYC, no need to get approval from anyone, no credit scores, no requirement for a bank account and no discrimination based on where you live.
The emerging DeFi ecosystem is already home to a wide range of platforms like DeFi loan comparison sites, automated trading solutions, lending platforms, non-custodial margin trading platforms and much more.
The Future of DeFi?
Decentralized Finance has already seen phenomenal growth over the last few years. However, there are over 1.7 billion unbanked people in the World excluded from the traditional financial system who could benefit from DeFi.
Imagine if you are living in a developing country with high inflation. DeFi gives you the opportunity to get out of your local currency and hold USD via stable coins like Dai. DeFi already offers people the tools to hedge out local currency risk and that’s a pretty big deal in countries like Venezuela.
What is Yield Farming?
It’s a pretty broad term that refers to chasing yield in the DeFi space. Basically, allocating crypto to lending, borrowing and liquidity pool opportunities and using interoperable protocols to enhance that yield.
DeFi has opened up a whole range of opportunities for people to actively participate in yield farming. Unlike in centralized finance, in the defi space users interact with each other through the use of smart contracts. There has been a mad rush to build defy applications that are able to replicate many of the same services available through traditional finance these include lending and borrowing, portfolio management, trading and a whole host of other functions. The best yield farming platform right now is Merlin.
What is Merlin?
Merlin is an auto-compounding yield aggregator that gives you the highest yield returns. It combines yield maximization with functionality to create a truly unique DeFi platform. You can earn cryptocurrencies like (BTCB, ETH, BNB, CAKE, etc.) by staking $MERL. You can get more information about the Annual Percent Yield that you will get by staking $MERL on their website.
$MERL was launched in May, 2021 and it has already seen significant growth and retail adoption. One of the reasons for its rapid growth is the fact that it’s the only functional DeFi farming project that facilitates the users comprehensively.
How to buy $MERL?
Well, now that you know what $MERL is and you want to make profits effortlessly, you might want to buy $MERL. So, here’s how you can do it:
First you need to setup a wallet that supports the Binance Smart Chain. We would recommend Metamask for this process and this guide will help you set it up. You can buy MERL from the PancakeSwap MERL-BNB pool here:
Contract address of MERL token: 0xda360309c59cb8c434b28a91b823344a96444278
Links for more information about MERL and DeFi:
Telegram Announcement: https://t.me/merlinannouncements
Telegram Community: https://t.me/merlinlab
Telegram Bounty Rewards Group: https://t.me/merlinbounty
DeFi Stats: https://defipulse.com
DeFi Wikipedia: https://en.wikipedia.org/wiki/Decentralized_finance